特斯拉2025年第三季度更新

Highlights03Financial Summary04Operational Summary06Automotive07Core Technology08Energy & Services and Other09Outlook10Photos & Charts11Key Metrics20Financial Statements22Additional Information28 In Q3, the Tesla team achieved record vehicle deliveries globally, showing strength and growthacross all regions, while also achieving record energy storage deployments across theresidential, industrial and utility sectors. This strong performance resulted in both recordrevenue and free cash flow generation in the quarter. We continue to launch new products that excite our customers across automotive and energy.We launched the Model YL and Model Y Performance and further expanded our vehicle offeringwith the Model 3 and Model Y Standard, our most affordable vehicles. We also unveiled theMegapack 3 and Megablock, which will further simplify large battery installations by reducingcost and time to deploy. We believe our scale and cost structure will enable us to navigate theshifting market dynamics across the globe more effectively than our peers, with advances in AImaking our products the most compelling in the market. Our focus remains on scaling our core hardware business by maximizing our deliveries anddeployments, as these products will deliver increasing value to our customers over time viaservices powered by AI. Every Tesla vehicle delivered today is designed for autonomy whileevery Tesla energy storage product is capable of being enhanced and optimized by our virtualpower plant or Autobidder functionality. We continue to deliver a fleet of products that bringsAI into the real world as we pursue a future of sustainable abundance as outlined in ourMasterPlan Part IV. $4.9B increase in our cash and investments3to $41.6B While we face near-term uncertainty from shifting trade, tariff and fiscal policy, we are focusedon long-term growth and value creation. We are prudently making the necessary investments inour business, including future business lines, that we believe will drive incredible value for Teslaand the world across transport, energy and robotics. Revenue Total revenue increased 12% YoY to $28.1B. YoY, revenue was impacted by the following items(1): + increase in vehicle deliveries+ growth in Energy Generation and Storage+ growth in Services and Other- lower regulatory credit revenue- lower one-time FSD revenue recognition YoY due to Q3’24 releases related to Cybertruck and certain features such as Actually SmartSummon Profitability Our operating income decreased 40% YoY to $1.6B, resulting in a 5.8% operating margin. YoY, operating income was primarily impactedby the following items(1): - increase in operating expenses (excl. SBC and Restructuring and Other) driven by SG&A, AI and other R&D projects- increase in SBC and Restructuring and Other charges- lower regulatory credit revenue- lower one-time FSD revenue recognition YoY as described above- higher average cost per vehicle due to lower fixed cost absorption for certain models, an increase in tariffs, and sales mix, partially offset bylower raw material costs+ growth in Energy Generation and Storage gross profit+ increase in vehicle deliveries+ growth in Services and Other gross profit Cash Quarter-end cash, cash equivalents and investments was $41.6B. The sequential increase of $4.9B was primarily the result of increased freecash flow. We launched several new vehicle options across multiple geographies as we aim to increaseutilization of our manufacturing footprint and expand our addressable markets. US: California, Nevada and Texas In October, we launched the Model 3 and Model Y Standard, each with over 300 miles of rangeand starting at $36,990 and $39,990, respectively, making our products more accessible tocustomers in the wake of the expiration of the EV tax credit in the U.S. Even with theiraffordable starting price, these models come standard with what makes Tesla so appealing,including active safety features, a 15.4” center touchscreen and heated first-row seats andsteering wheel. We also launched the Model Y Performance (0-60 in 3.3 seconds) and beganoffering leasing for certified pre-owned Model 3s and Model Ys. Installed capacity ≠ current production rate and there may be limitations discovered as production rates approachcapacity. Production rates depend on a variety of factors, including equipment uptime, component supply,downtime related to factory upgrades, regulatory considerations and other factors. Construction includes factoryand infrastructure buildout as well as tool installation. APAC: Shanghai We launched the Model YL in China, a longer wheelbase version of the Model Y with 6 seats and3 rows, expanding our product portfolio in this critical market. We achieved record deliveries inSouth Korea, Taiwan, Japan and Singapore and began deliveries of the Model Y in India. SouthKorea is now our third largest market behind only the U.S. and China, serving as validation ofour competitive positioning in a robust EV mark